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Cannabis Stocks Mixed a Day after Cronos Group’s Earnings

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Cronos earnings

Cronos Group (CRON) reported its earnings yesterday, and the stock sank about 8% after the release. Analysts also rushed to revise their ratings and price targets for the stock down on weakness in expectations for the company before the earnings release. See Cronos Group: Analysts’ Ratings after Its Q1 Earnings. Cronos Group was trading up 3.5% around noon today.

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Stocks mixed

A day after Cronos Group’s earnings, the overall cannabis sector was broadly mixed. The Horizons Marijuana Life Sciences ETF (HMMJ) and the ETFMG Alternative Harvest ETF (MJ) were both trading in negative territory with daily declines of 0.7% and 1.3%, respectively.

Canopy Growth (WEED) was also trading in negative territory with a daily decline of 2.1%. Acreage Holdings (ACRGF) agreed to be acquired by Canopy Growth recently and was trading down nearly 3% today. The deal has been criticized by one of Acreage Holdings’ investors. See Why Marcato Thinks the Canopy-Acreage Deal Is Bad for Acreage.

HEXO (HEXO), which had been trending higher lately, was also paring some of its gains by midday on May 10. Just yesterday, the company announced that it received approval from the Competition Bureau to acquire Newstrike Brands. Another major player, Aurora Cannabis (ACB), was trading down 2.4% at noon today.

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